Australian home market’s first test of the year
It’s the first big auction day of 2024 as the gap between apartment and house values widens
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The Australian property market will undergo its first major test tomorrow when 1,700 capital city homes go under the hammer on the first significant auction day of the year. CoreLogic economist Kaytlin Ezzy said it will be the second biggest start to February on record behind 2022 when 1,779homes went to auction. In the country’s two biggest auction markets, there will be 608 auctions held in Melbourne and 591 in Sydney.
Ms Ezzy said auction clearance rates weakened to below-average levels toward the end of last year and tomorrow’s event would “help set the pace for the pre-Easter selling season and provide a timely test of buyer demand”.
She added: “This week’s results could help indicate whether the weaker selling condition seen towards the end of last year has persisted into 2023 or if sentiment has lifted with earlier expectations of rate cuts following [this week’s] inflation update.”
Australia’s median home value moved higher for the twelfth consecutive month in January, up 0.4 percent. This follows an 0.3 percent uplift in both November and December. However, price performance is mixed across the capital cities, with Perth once again delivering outstanding growth at 1.6 percent in January. CoreLogic research director, Tim Lawless explained: “The western capital continues to see housing demand outweigh supply, helping to push values 16.7 percent higher over the past 12 months. Despite that, housing prices remain relatively affordable compared with most capital cities, with the median dwelling value sitting just under $677,000.”
Adelaide home values lifted 1.1 percent in January, Brisbane prices rose by 1 percent and Sydney values moved up 0.2 percent. Conversely, Hobart home values fell 0.7 percent, Canberra prices dipped 0.2 percent and Melbourne declined by 0.1 percent.
Mr Lawless noted that house prices across Australia continued to rise faster than apartments. The price gap is now at a new record high of 45.2 percent. House values across the capital cities lifted by 0.5 percent in January, equivalent to about $4,800 in value, while apartments lifted 0.1 percent, or about $900 in value. “Since the commencement of the upswing, capital city house values have surged 11 percent higher while unit values are up 6.9 percent,” Mr Lawless said. “It seems that most Australians are willing to pay a higher premium than ever for a detached home.”
Sales volumes remain elevated, with CoreLogic estimating 115,241 dwellings were sold over the three months ending January, which was 11.9 percent higher than the same time last year. “Despite ongoing cost of living pressures, high interest rates, low consumer sentiment and affordability constraints, homes are still selling, Mr Lawless said. “Housing demand has been buoyed by high migration, but also tight rental markets that have probably incentivised renters to transition towards home ownership if they can afford to do so.”
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Award-winning landscape designer Jamie Durie has completed “Growing Home,” an eco-focused residence that balances sustainability, comfort and style.
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Award-winning landscape designer and television host Jamie Durie has completed building his eco-friendly dream home on Sydney’s northern beaches.
Over a three-year journey, Durie and his partner Ameka Jane created what they call “Growing Home,” designed to prove that sustainability doesn’t have to mean sacrificing comfort or style.
The five-level residence includes five bedrooms, a gym, an office, landscaped gardens and an infinity swimming pool.
“The house is full of eco-innovation like our state-of-the-art geothermal heating and cooling system, this combined with our Solar system gives us the ability to be ‘grid independent’,” Durie said.
“Every element in this house has been engineered to serve a purpose – whether it’s saving energy, providing healthier air, or a greater connection to nature, the house was designed to be healthy for our family and the environment.”
Set on a steep 37-degree slope surrounded by native spotted gums, the home’s design responds closely to its environment.
“Building on a site like this means every decision has to respect the landscape,” Durie said. “It’s not just about fitting the house onto the land, but making sure the land feels part of the home.”
Large windows and open-plan spaces encourage airflow and blur the boundary between indoors and outdoors.
“We wanted the house to feel connected to the landscape through natural materials, textures, and light,” he added. “It’s about creating a calm, grounded space where we can grow as a family.”
Durie chose Bradford Gold High Performance insulation to help maintain stable temperatures, reducing reliance on artificial heating and cooling.
“Every detail in the home needed to elevate our quality of life and respect the environment,” he said. “With Bradford’s products, we’re able to create spaces that are peaceful, energy-efficient, and functional without sacrificing style.”
Other features include Luxaflex Duette Shades, crafted from 95% recycled materials, designed to regulate temperature while adding comfort and privacy.
“It’s not just about insulation,” Durie explained, “but about creating spaces that feel cosy and considered, no matter the time of year.”
Curved interior walls made possible with Gyprock Flexible add flow between spaces, while high-density Gyprock was used to reduce sound transmission.
“It’s all about layering softness and light,” Durie said of the use of Luxaflex® sheer curtains throughout the home. “The sheers run like waves along the track, wrapping the room in a way that feels both open and intimate.”
Outdoor living was another focus, with a patio leading to the pool and shaded by motorised Luxaflex Nordic Folding Arm Awnings.
“We knew we’d be spending a lot of time outside,” Durie said, “so it was important to have a solution that could handle Australia’s unpredictable weather.”
Durie describes the project as more than just a build, but an example of sustainable design in action.
“This project is about showing that sustainable design isn’t just possible – it’s beautiful,” he said.
“It’s about how thoughtful design and innovative products can make a house not just a home, but a legacy. Building smarter, creating homes that feel good to live in, and respecting the environment along the way.”
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